Buying Clairol might not be enough for Procter & Gamble Co. Less than a year after paying $4.95 billion for the hair-color company, P&G could finance a deal double that size, chairman and chief executive A.G. Lafley told a European newspaper Monday.

Given our cash flow, we have between 8 and 10 billion dollars to finance our acquisitions, he told La Tribune in Paris.

Priority will go to health-care and beauty-care companies 1/2ndash 3/4 no secret since Mr. Lafley has identified those as growth areas for Cincinnati-based P&G. He previously had said P&G has a list of companies it will consider purchasing if they become available.

Mr. Lafley's statement is a signal both of how ambitious P&G is and how much cash it generates under his watch.

During the year ended June 30, the company generated $7.74 billion, nearly $2 billion more than the year before. P&G has said earnings per share will grow by double digits this quarter, and has raised its quarterly earnings forecast each of the last three quarters.

P&G paid cash for Clairol, its biggest acquisition ever. That added brands including Herbal Essences to P&G's Beauty Care unit, which is among the best performing of P&G's businesses. It has the highest profit margins in the company and sales growth of 13 percent last year.

During the last two years, P&G has sold off brands including Jif and Crisco, and Mr. Lafley has said there are no other major divestitures planned.